Borr Drilling has provided operational updates on its fleet, including developments related to the ongoing situation in the Middle East, and announced a new contract commitment.
With reference to the Company’s update on March 9, 2026 about its four rigs deployed in the Middle East, the Arabia III resumed operations offshore Saudi Arabia in late March 2026. Additionally, the Company has received resumptions notices for the Groa in Qatar and the Arabia II in the UAE and expects these rigs to recommence operations during April 2026. The Company’s fourth rig in the region, the Forseti, which is operated by a third party under a bareboat charter, is also undergoing preparations to resume operations in Qatar.
In the Gulf of America, the Odin, which originally was to start operating earlier in the year, experienced delays due to additional maintenance work required in advance of commencing its contract with Cantium. The rig is now expected to commence operations in April 2026.
In Southeast Asia, the Skald has received a binding letter of award from an undisclosed operator. The campaign is expected to commence in the second quarter of 2026 and has an estimated duration of six months.
Reflecting these updates and other developments across the fleet since the Company’s preceding earnings report on February 18, 2026, our contract coverage for full-year 2026 is 70% at an average dayrate of approximately $134,000, while the coverage for the first and second half of 2026 stands at 78% and 62%, respectively.
Borr Drilling CEO Bruno Morand said, 'I would like to thank our onshore and offshore teams for their efforts in safely and effectively managing the disruptions experienced due to the geopolitical events in the Middle East.'
'Meanwhile, we have continued to execute our contracting strategy, securing important near-term coverage for our fleet, which now stands at 70% for full-year 2026. The recent events continue to create an environment where elevated commodity prices and renewed focus on energy security are expected to accelerate rig activity. Recent discussions with our customers confirm the early signs of this trend as we observe an increased sense of urgency in awarding existing tenders and bringing forward certain drilling programs. Our young and expanded fleet positions us well to service our customers as this trend further develops.'
Source: Borr Drilling
